TFF Pharmaceuticals Prices $5 Million Public Offering of Common Stock
15 August 2023 - 8:00PM
TFF Pharmaceuticals, Inc. (NASDAQ: TFFP) (the “Company”), a
clinical-stage biopharmaceutical company focused on developing and
commercializing innovative drug products based on its patented Thin
Film Freezing (TFF) technology platform, today announced that it
has priced its underwritten public offering of 19,896,000 shares of
its common stock at a public offering price of $0.25 per share. All
of the securities in the underwritten public offering are to be
sold by the Company. The Company expects the gross proceeds from
this offering to be approximately $4.97 million, before deducting
the underwriting discount and other estimated offering expenses.
The Company has granted the underwriter a 30-day option to purchase
up to 2,984,400 additional shares of common stock. The Company
expects to close the offering, subject to customary conditions, on
August 17, 2023.
The Company intends to use the net proceeds from
the proposed offering for working capital and general corporate
purposes.
The Benchmark Company, LLC is acting as sole
book-running manager for the offering. The Liquid Venture Partners
group at The Benchmark Company, LLC is responsible for sourcing and
executing the offering.
A shelf registration statement relating to the
shares of common stock to be issued in the proposed offering was
filed with the Securities and Exchange Commission (“SEC”) and
declared effective by the SEC. A preliminary prospectus supplement
relating to the proposed offering has been filed with the SEC and
is available on the SEC’s website at http://www.sec.gov. A final
prospectus supplement describing the terms of the proposed offering
will be filed with the SEC. Copies of the final prospectus
supplement and accompanying base prospectus relating to this
offering may be obtained, when available, from The Benchmark
Company, LLC, 150 East 58th Street, 17th floor, New York, NY 10155,
by email at prospectus@benchmarkcompany.com, or by calling +1
(212)-312-6700.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About TFF Pharmaceuticals
TFF Pharmaceuticals, Inc. is a
clinical-stage biopharmaceutical company engaging patented rapid
freezing technology to develop and transform medicines into potent
dry powder formulations for better efficacy, safety, and stability.
The company’s versatile Thin Film Freezing (TFF) technology
platform has broad applicability to convert most any drug,
including vaccines, small and large molecules, and biologics, into
an elegant dry powder highly advantageous for inhalation, with
improved absorption so drugs can also be delivered to the eyes,
nose and topically to the skin.
Safe Harbor
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding the expected closing of the public
offering and the intended use of proceeds from the offering. The
offering is subject to market and other conditions and there can be
no assurance as to whether or when the offering may be completed.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially, including those risks disclosed in under the
caption “Risk Factors” in the preliminary prospectus supplement
related to the offering. TFF Pharmaceuticals cautions readers not
to place undue reliance on any forward-looking statements. The
Company does not undertake and specifically disclaims any
obligation to update or revise such statements to reflect new
circumstances or unanticipated events as they occur, except as
required by law.
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